Ajwa Projects IPO

Listed on the exchange

Ajwa Projects priced its issue at ₹203.00 and began trading on 4 November 2026.

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Bidding opensCompleted

   28 October 2026

2. Bidding closesCompleted

   30 October 2026

3. Basis of allotmentCompleted

   2 November 2026

4. Refunds initiatedCompleted

   3 November 2026

5. Shares credited to DematCompleted

   3 November 2026

6. Listing on the exchangeCompleted

   4 November 2026

This is a fixed-price issue, so there is no anchor investor step. Anchor bidding exists only where an issue is book built and the price is discovered through bidding.

Grey market premium

Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.

About Ajwa Projects

Ajwa Projects Ltd. builds and maintains heavy industrial assets. The company fabricates structural steel, pressure vessels, boilers, tanks, ducts and precision parts at its own workshops, then erects them on site. It also lays process and utility piping for chemicals, gases, steam and fluids, and carries out civil work such as foundations, industrial buildings, silos and tank bases. Its maintenance arm handles preventive servicing, PSV calibration, NDT testing, blasting and painting, and plant shutdown support. Customers sit in oil and gas, petrochemicals, refining, power, steel, cement, nuclear power, metro rail and bullet train projects. The company was incorporated in 2011, runs from Surat, Gujarat, and employs over 557 skilled and semi-skilled people. It earns revenue from fabrication contracts, site execution work and recurring maintenance jobs.

Promoters

• Mohammad Khurshid Alam Khan
• Zarinbegum Khurshid Alam Khan
• Riyaz Rafiq Padela

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Jun 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• Repayment or prepayment, in full or in part, of borrowings availed by Company

  ₹9.35 Cr

• Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets

  ₹8.10 Cr

• General Corporate Purposes

  ₹4.43 Cr

• Working Capital Requirement

  ₹4.00 Cr

Peer comparison

The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Ajwa Projects is the first row.

Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• Ajwa Projects issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 16 November 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.